A jewellery shop in Beijing, China
Jewellery sales in China slipped 41.1 per cent year on year to RMB27.7 billion (around US$3.91 billion) in January and February amid the Covid-19 outbreak, data from the National Statistics Bureau of China (NSBC) revealed.
Total retail sales of consumer goods meanwhile were down 20.5 per cent year on year, according to NSBC. Figures from the second half of 2019 were consistently on an upswing, growing at 7 per cent to 8 per cent, with June sales reaching 9.8 per cent growth.
Retail sales of jewellery, gold and silver, which were largely down in 2019, started showing some signs of recovery towards the end of the year, with November sales recording a slower rate of decline at 1.1 per cent and December figures going up 3.7 per cent, government data also showed.
Jewellery sales in 2019 saw a minimal growth of 0.4 per cent.